Brazilian property owners get tax breaks on green cars
Brazilian real estate owners will benefit from buying environmentally-friendly cars as the government extended a tax break.
Finance minister Guido Mantega confirmed earlier this week that a tax break on flex-fuel cars with up to one litre engines will be lengthened until the end of March 2010. They will also be extended on environmentally-friendly trucks until June next year.
The flex-fuel cars are good for the environment as they can run on a mixture of gasoline and ethanol, which emits fewer greenhouse gases than petrol.
Taxes on Brazilian property owners’ traditional petrol or diesel cars will also rise next year.
"We want the automobile industry in Brazil to consolidate and to bring new environmental technologies to the country," Mr Mantega told reporters.
The country’s automobile market is one of the strongest in the world and both Ford Motors and Volkswagen have recently confirmed that they plan to invest billions of pounds in their production in Brazil.
